Baltimore’s bridge collapse is global shipping’s smallest problem

News Snapshot:

Baltimore woke up yesterday to horrific images of the Francis Scott Key Bridge collapsing into the harbor after the cargo ship Dali lost power and collided with a support column. It’s a horrible tragedy — six construction workers who were on the bridge at the time are missing and presumed dead — and one that will likely take at least several billion dollars to repair. In a small bright spot, the macroeconomic impact will likely be limited. (While Baltimore is the US’s 17th largest port and there will be some costs and delays, particularly around automobiles and coal, other ports...